Nio Delivers 124,807 EVs, Achieves 75.9% Revenue Growth, Expands Margin to 17.5%
NIO reported Q4 revenue of 34.65 billion yuan, a 75.9% year-over-year increase, driven by 124,807 vehicle deliveries, up 71.7% year-over-year. Gross margin expanded to 17.5% from 11.7% and adjusted operating profit reached 1.25 billion yuan, while Q1 delivery guidance targets 80,000–83,000 units (up ~90%).
1. Record Q4 Revenue and Deliveries
NIO generated 34.65 billion yuan in Q4 revenue, up 75.9% year-over-year and 59.0% sequentially, fueled by 124,807 vehicle deliveries, a 71.7% rise year-over-year and 43.3% sequential increase.
2. Margin Expansion and Profitability
Gross margin climbed to 17.5% from 11.7% a year earlier and 13.9% in Q3, while vehicle margin hit 18.1%. Adjusted operating profit reached 1.25 billion yuan for the first time in a single quarter.
3. Cash and Balance Sheet Strength
As of December 31, 2025, NIO held 45.9 billion yuan in cash, restricted cash, short-term investments and long-term deposits, underpinning its investment plans.
4. Strong 2026 Outlook
For Q1 2026, NIO forecasts 80,000–83,000 vehicle deliveries (up 90.1%–97.2% year-over-year) and revenue between 24.48 billion and 25.18 billion yuan (up 103.4%–109.2%).